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WorksheetsMarketing Principles IA3 Practice Test
Total questions: 26
Worksheet time: 13mins
Name
Class
Date
1.
A group of people with shared characteristics and interests such as demographics and psychographics that are most likely to purchase a businesses' products or services is known as __________________.
a)
enterprise system
b)
target market
c)
tribe
d)
community
2.
What type of market segmentation involves dividing a market according to different variables such as age, gender, family size, income, and occupation.
a)
geographic segmentation
b)
psychographic segmentation
c)
behavioral segmentation
d)
demographic segmentation
3.
What type of market segmentation involves dividing a market according to different characteristics such as their values, interests, hobbies, likes/dislikes, lifestyles, etc.?
a)
geographic segmentation
b)
psychographic segmentation
c)
behavioral segmentation
d)
demographic segmentation
4.
Identify the particular type of segmentation being described below: With March Madness basketball approaching quickly, the NCAA has created a marketing campaign to focus on consumers that live within 200 miles of any of the host cities and regions where the tournament will be played. The NCAA has targeted these consumers who live within 200 miles of the host arena or facility because they will be most likely to purchase tickets to the tournament games. Segmenting a market based on where a consumer lives is an example of _____________________ segmentation.
a)
psychographics
b)
geographics
c)
behavioral
5.
What is the first step in the Market Research process?
a)
collecting data
b)
constructing a survey
c)
creating a SWOT analysis
d)
defining the problem
6.
Collecting data is part of the market research process. Quantitative data involves research data that has numbers whereas ________________ data describes information such as physical traits, colors, features, feelings, etc.
a)
evaluation data
b)
selection data
c)
search data
d)
qualitative data
7.
The study of colors in relation to human behavior is known as ________________.
a)
color psychology
b)
design strategy
c)
compel process
d)
aim
8.
Which of the following is NOT one of the promotional mix elements?
a)
advertising
b)
public Relations
c)
finance
d)
sales promotion
9.
A promotional mix element that includes any form of nonpersonal paid communication in which companies pay to promote their ideas, goods, and services and typically use a mass media approach to deliver the message is called ___________________.
a)
public relations
b)
advertising
c)
sales promotion
d)
direct marketing
10.
A promotional mix element that includes one-on-one communication between a sales representative and potential customer. This can help influence people to decide to buy certain products or services.
a)
direct marketing
b)
sales promotion
c)
personal selling
d)
advertising
11.
A promotional mix element that includes a set of short-term activities, discounts, or incentives that encourage a customer to purchase a product or service. This includes sales, discounts, coupons, etc.
a)
advertising
b)
personal selling
c)
sales promotion
d)
public relations
12.
A promotional mix element that includes activities or campaigns to help an organization create a favorable public image or reputation. Companies use these to try to influence the general opinion of the public's view on the brand or company.
a)
personal selling
b)
direct marketing
c)
public relations
d)
advertising
13.
A promotional mix element that is similar to advertising but with a more targeted, personal approach to customers more directly than advertising. This includes digital media as well.
a)
direct marketing
b)
sales promotion
c)
public relations
d)
advertising
14.
Best Buy has hired more employees this year to provide product demonstrations to customers as they enter the store. Best Buy's focus is having more one on one personal communication and demonstrations between the sales associate and potential customers. Which promotional mix element does this best describe?
a)
public relations
b)
advertising
c)
personal selling
d)
sales promotion
15.
Identify the particular element of the promotional mix below. The Atlanta Falcons are hosting a Spring Carnival event to raise money for a Women and Children shelter. They created a campaign highlighting the event and asking for donations. This event and activity is helping create a favorable public image and reputation for the Atlanta Falcons. Which promotional mix element is best represented ?
a)
advertising
b)
public relations
c)
personal selling
d)
direct marketing
16.
The total amount of income or money generated by the sale of goods and services related to the primary operations of the business.
a)
profit
b)
revenue
c)
expenses
d)
costs
17.
What is the correct formula for PROFIT?
a)
Profit = Revenue X Expenses
b)
Profit = Revenue - Expenses
c)
Profit = Revenue / Expenses
d)
Profit = Revenue + Expenses
18.
Calculate the Profit. Taylor Swift held an album release party for her new album. The event included merchandise, food, concert tickets and other items available for purchase. The event had a total revenue of $76,000. The cost of the event included the cost of goods sold of $15,000, salary wages for employees of $1,000, marketing costs of $1,000, and rental of the event space for $5,000. What is the total profit of the Taylor Swift event?
a)
$60,000
b)
$54,000
c)
$100,000
d)
$50,000
19.
Calculate the Profit. Skateworld opened up this year in Atlanta. Skateworld had a very successful first year of operations. Skateworld's total revenue for the year was $100,000. Skateworld had costs associated with opening and operating the business. The cost of equipment and other cost of goods sold totaled $20,000. Employees' salaries accounted for $30,000 in cost. The remainder of the operating expenses and overhead costs was $10,000. After considering the total revenue and total expenses, what is the profit of Skateworld for the first year?
a)
$40,000
b)
$140,000
c)
$80,000
d)
$22,000
20.
What are the two markup pricing strategies used with cost-based pricing?
a)
flat rate markup and percentage markup
b)
markup and markdown
c)
break even point and cost of goods sold
d)
revenue and profit
21.
Calculate the flat rate markup. The Atlanta Braves are holding a dinner open to the public to discuss the upcoming season. The buffet style dinner cost the Atlanta Braves $15/person. The Atlanta Braves are selling the dinner tickets at $45/person. What is the flat rate markup the Atlanta Braves are using?
a)
$55
b)
$25
c)
$30
d)
$16
22.
Calculate the percentage markup. The Atlanta Braves are holding a dinner open to the public to discuss the upcoming season. The buffet style dinner cost the Atlanta Braves $15/person. The Atlanta Braves are selling the dinner tickets at $45/person. What is the percentage markup the Atlanta Braves are using?
a)
200%
b)
350%
c)
245%
d)
150%
23.
Calculate the flat rate markup. Finish Line purchased Nike Flyknit shoes from Nike at $50.00. Finish Line's cost of goods sold is $50.00. Finish Line will sell the Nike Flyknit shoes for $120.00. With a cost of $50, and a sales price of $120.00, what is the flat rate markup Finish Line is using ?
a)
$55
b)
$65
c)
$70
d)
$100
24.
Calculate the percentage markup. Finish Line purchased Nike Flyknit shoes from Nike at $50.00. Finish Line's cost of goods sold is $50.00. Finish Line will sell the Nike Flyknit shoes for $120.00. With a cost of $50, and a sales price of $120.00, what is the percentage markup Finish Line is using ?
a)
200%
b)
140%
c)
50%
d)
180%
25.
Calculate the flat rate markup. The Adidas Yeezy shoe is priced at $350. It cost Adidas $76 to manufacture and produce a pair of Yeezy shoes. With a cost of $76 and a sales price of $350 for Yeezys, what is the flat rate markup Adidas is using?
a)
$274
b)
$330
c)
$120
d)
$150
26.
Calculate the percentage markup. The Adidas Yeezy shoe is priced at $350. It cost Adidas $76 to manufacture and produce a pair of Yeezy shoes. With a cost of $76 and a sales price of $350 for Yeezys, what is the percentage markup Adidas is using?
a)
400%
b)
360.5%
c)
220%
d)
150%
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